Corteva (NYSE:CTVA) Hits New 12-Month High - Time to Buy?

Shares of Corteva, Inc. (NYSE:CTVA - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $72.30 and last traded at $72.00, with a volume of 2888399 shares traded. The stock had previously closed at $71.64.

Wall Street Analyst Weigh In

CTVA has been the topic of several research reports. Oppenheimer reaffirmed an "outperform" rating and set a $75.00 price target (up from $72.00) on shares of Corteva in a report on Friday, May 9th. KeyCorp increased their price objective on shares of Corteva from $71.00 to $72.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Morgan Stanley lifted their target price on Corteva from $65.00 to $71.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Wells Fargo & Company upped their price target on Corteva from $73.00 to $79.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. Finally, Barclays boosted their target price on shares of Corteva from $64.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 14th. Three investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Corteva has an average rating of "Moderate Buy" and an average target price of $70.50.

Corteva Stock Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. The company has a market cap of $48.78 billion, a PE ratio of 55.43, a price-to-earnings-growth ratio of 1.68 and a beta of 0.75. The company's 50 day moving average price is $64.33 and its 200-day moving average price is $62.23.

Corteva (NYSE:CTVA - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.25. The firm had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.56 billion. Corteva had a return on equity of 7.19% and a net margin of 5.36%. The business's revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.89 earnings per share. Equities research analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 2nd will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 0.95%. Corteva's dividend payout ratio (DPR) is 41.46%.

Hedge Funds Weigh In On Corteva

A number of large investors have recently modified their holdings of CTVA. Modern Wealth Management LLC boosted its holdings in Corteva by 22.7% in the 1st quarter. Modern Wealth Management LLC now owns 6,788 shares of the company's stock valued at $427,000 after purchasing an additional 1,258 shares during the period. Strs Ohio purchased a new stake in shares of Corteva in the first quarter worth $20,940,000. Advisors Capital Management LLC boosted its stake in Corteva by 8.0% during the first quarter. Advisors Capital Management LLC now owns 7,398 shares of the company's stock valued at $466,000 after buying an additional 550 shares during the period. Belpointe Asset Management LLC grew its position in Corteva by 290.6% during the first quarter. Belpointe Asset Management LLC now owns 19,876 shares of the company's stock worth $1,251,000 after buying an additional 14,787 shares in the last quarter. Finally, Fortis Capital Advisors LLC bought a new position in Corteva in the 1st quarter worth about $1,034,000. 81.54% of the stock is currently owned by institutional investors.

Corteva Company Profile

Corteva, Inc operates in the agriculture business. It operates through two segments, Seed and Crop Protection. The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics.